Bank Nifty Weekly Outlook and Analysis:

For the Week: (Oct 25,2021 – Oct 29,2021)

NIFTY BANK Index closed the week on positive note gaining 982.75 points 2.50%.

Weekly High: 40,587.35

Weekly Low: 39,292.80

Weekly Close: 40,323.65

Weekly Support & Resistance For Nifty Bank Index:

Technically on the daily charts we see minor support on the downside for NIFTY BANK index lies at  39800 levels, whereas minor resistance on the upside is capped around 40900-41000 levels.

If NIFTY BANK index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 38800 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 41500.

Currently NIFTY BANK index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 39000 on downside and 41300 on upside.